NEW YORK (CBSNewYork/AP) – A leading New York City construction company and four executives have been charged with bilking banks, The Economist magazine and other clients out of more than $30 million through an overbilling scheme.

“The theft might have been a relatively modest amount of money but it was used routinely in all their construction management contracts,” Vance said.

A lawyer for Lehr said the company will complete its projects and pay its bills despite the charges. The company filed for bankruptcy protection in February.

Phillips’ lawyer says he “looks forward to being vindicated at trial.” The other defendants declined to comment.

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